USDCAD Up 3 Pips Over Past Hour, Breaks Below 20 Day Average; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated September 17, 2021 1:11 GMT)

Currently, USDCAD’s rate is up 3 pips (0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

USDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of USDCAD continues; to start today, it came in at a price of 1.26239, down 67 pips (0.53%) since the day prior. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 36th in terms of percentage change since the day prior. Below is a price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDCAD crossed below its 20 day moving average yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 19.4 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days USDCAD’s price has gone up 15 them.